Rates for selling Euros and the various Dollars have shown slight gains today after yesterday’s losses, but show no sign of emerging from their end of the month state of limbo today.
We are firmly in the latter part of the month now with only five trading days left to go for July of this year.
This has so far been a much calmer July that last year, where currency markets were reeling from the effects of the Leave vote and selling Euro rates were actually worse than what is currently available. This is not really because the UK’s situation has changed heavily and the Pound has sunk, arguably most of the additional gains from the last 12 months have come from positive news in the Eurozone and the US.
Multiple interest rate hikes in the US, and stronger growth in the Eurozone.
With it being the latter part of the month there is little economic data being released regularly, and as such any economic data movement is not expected to be heavy.
With the second round of Brexit talks already over with little to show for it, it is unlikely any kickstarters will be injected into the currency markets from the political sphere.
As such only small movements are expected, but on large transfers such movements can still make the difference of hundreds if not thousands of pounds on a well timed transfer.
Tomorrow’s GDP figures for the UK will be key in deciding whether these small movements before the end of the month are gains or losses for Euro, US Dollar and Australian Dollar sellers.
Given that the IMF revised down growth forecasts for the UK economy back below 2% just yesterday, it seems further opportunities may present themselves in the short term for anyone looking to buy the Pound.
I strongly recommend that anyone with a Sterling based currency requirement should contact me on firstname.lastname@example.org to discuss a strategy for your transfer aimed at maximising your currency return.
You can contact me directly by calling 01494 787 478 and asking the reception team to speak to Joshua.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you significant sums of money on a prospective transfer.